Market rebounds on large-cap stocks

Market rebounds on large-cap stocks

However, gains were capped by losses in the oil and gas and chemical industries, with DGC shares facing a dramatic decline following the announcement of criminal charges against top executives within the company.

People conduct transactions at a Vietcombank office. The bank's shares soared 2.89 per cent on Tuesday, supporting the market's recovery. — Photo vietnamplus.vn

The Vietnamese stock market rose on Tuesday, boosted by bottom-fishing demand after three straight sessions of declines.

The benchmark VN-Index on the Hochiminh Stock Exchange (HoSE) gained 17.08 points, or 1.01 per cent, closing at 1,710.29 points.

The southern market recorded 179 stocks advancing and 147 declining, while liquidity also improved from the previous session, with nearly VNĐ25.5 trillion worth of shares traded on HoSE.

The VN30-Index, which tracks the 30 largest stocks on HoSE, also rebounded strongly. It increased 20.66 points, or 1.11 per cent, to 1,873.65 points. As many as 23 stocks in the VN30 basket edged up, while only six ended lower and one remained unchanged.

Data compiled by the financial website vietstock.vn showed that Vietcombank (VCB) led the market's recovery. Shares of the lender climbed nearly 3 per cent, contributing 3.08 points to the VN-Index's gain.

It was followed by other major stocks, including Masan Consumer Corporation (MCH), Vingroup (VIC), Techcom Securities (TCX) and Vinhomes (VHM). Shares of these companies rose in a range of 1–7 per cent.

However, gains were capped by losses in the oil and gas and chemical sectors. Of these, Binh Son Refining and Petrochemical (BSR), Duc Giang Chemicals Group (DGC), Petrovietnam Fertiliser and Chemicals Corporation (DPM) and PetroVietnam Ca Mau Fertiliser JSC (DCM) all hit the maximum daily loss of 7 per cent, while PV Gas (GAS) fell 1.71 per cent.

DGC shares came under strong pressure following the announcement of criminal charges against senior executives at the company.

The Department of Investigation Police on Corruption, Economic Crimes and Smuggling (C03 - Ministry of Public Security) said it had initiated a criminal investigation into alleged environmental pollution, violations of regulations governing the exploration and exploitation of resources and serious accounting breaches linked to Duc Giang Chemicals Group and related entities.

As part of the investigation, 14 individuals have been indicted, including Đào Hữu Huyền, chairman of the Board of Directors of the group and chairman of the Member Council of Duc Giang – Lao Cai Chemicals.

On the Hanoi Stock Exchange (HNX), the HNX-Index also rose 1.12 points, or 0.46 per cent, to 246.86 points.

Foreign investors continued their selling trend, offloading more than VNĐ681 billion on HoSE and VNĐ9.3 billion on HNX. 

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